1 00:00:03,760 --> 00:00:06,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,400 --> 00:00:09,080 Speaker 1: for Tuesday, the twenty fourth of September twenty twenty four. 3 00:00:09,160 --> 00:00:11,280 Speaker 1: I'm sure I almont every afternoon. We've got the five 4 00:00:11,320 --> 00:00:13,880 Speaker 1: stories that happen today that you need to know about. 5 00:00:13,960 --> 00:00:16,720 Speaker 1: Story number one, the Reserve Bank of Australia has left 6 00:00:16,720 --> 00:00:19,880 Speaker 1: the benchmark interest rate at four point three five percent 7 00:00:20,320 --> 00:00:22,000 Speaker 1: and made it clear that rates are on hold for 8 00:00:22,040 --> 00:00:24,760 Speaker 1: the time being and the next move up or down 9 00:00:24,880 --> 00:00:27,560 Speaker 1: will depend on whether inflation comes back into the banks 10 00:00:27,600 --> 00:00:30,520 Speaker 1: two to three percent target band. The central banks at 11 00:00:30,560 --> 00:00:33,519 Speaker 1: underlying inflation, not the headline rate is most indicative of 12 00:00:33,560 --> 00:00:37,360 Speaker 1: inflation momentum, and at three point nine percent it's too high. 13 00:00:37,640 --> 00:00:41,680 Speaker 1: The Reserve Bank doesn't see inflation returning sustainably to target 14 00:00:41,960 --> 00:00:44,360 Speaker 1: until twenty twenty six. The decision to leave rates and 15 00:00:44,400 --> 00:00:46,960 Speaker 1: hold was expected, but still the Ausie dollar jumped on 16 00:00:47,000 --> 00:00:49,879 Speaker 1: the news, hitting a high for twenty twenty four of 17 00:00:49,920 --> 00:00:53,080 Speaker 1: above sixty eight point six US. Since story number two, 18 00:00:53,080 --> 00:00:55,160 Speaker 1: the s and PA six two hundred closed down just 19 00:00:55,320 --> 00:00:59,120 Speaker 1: a touch zero point one percent to one hundred and 20 00:00:59,160 --> 00:01:01,800 Speaker 1: forty two points. It was a day where the opposite 21 00:01:01,880 --> 00:01:05,360 Speaker 1: of what's happened most of the year happened. The miners 22 00:01:05,360 --> 00:01:08,840 Speaker 1: did well and the banks did poorly. A stimulus announcement 23 00:01:08,880 --> 00:01:11,480 Speaker 1: out of Beijing more on that shortly helped BHP and 24 00:01:11,560 --> 00:01:14,840 Speaker 1: Rio Tinto jump almost four percent, while forty s Fu 25 00:01:14,920 --> 00:01:17,840 Speaker 1: Metals Group rose one point six percent, but National Australia 26 00:01:17,840 --> 00:01:20,279 Speaker 1: Bank and Commonwealth Bank ended the day down three percent, 27 00:01:20,319 --> 00:01:22,119 Speaker 1: and west Pac and A and Z were off more 28 00:01:22,120 --> 00:01:25,800 Speaker 1: than two percent. The share prices of the two big supermarkets, 29 00:01:25,800 --> 00:01:29,280 Speaker 1: will Wards and Coals fell further following yesterday's revelation that 30 00:01:29,319 --> 00:01:32,959 Speaker 1: the competition watchdog accused the giants of misleading customers by 31 00:01:33,000 --> 00:01:35,520 Speaker 1: saying they were dropping prices when they're actually lifting them. 32 00:01:35,680 --> 00:01:38,560 Speaker 1: Both were down around two point seven percent. Today. The 33 00:01:38,680 --> 00:01:42,320 Speaker 1: uranium miners continued their positive trend, with Paladin, Boss Energy, 34 00:01:42,319 --> 00:01:44,920 Speaker 1: and Deep Yellow were all higher following the reopening of 35 00:01:44,920 --> 00:01:47,520 Speaker 1: a nuclear reactor in the US. They're among the best 36 00:01:47,560 --> 00:01:51,120 Speaker 1: on the day. Worst was a company called Light and Wonder, 37 00:01:51,240 --> 00:01:53,680 Speaker 1: which is due listed here and on the NASDAK. It's 38 00:01:53,680 --> 00:01:55,880 Speaker 1: a gaming group. It lost a case in which the 39 00:01:55,880 --> 00:02:00,720 Speaker 1: Aristocrat Leisure was granted an injunction against Light Wonders Dragon 40 00:02:00,840 --> 00:02:04,200 Speaker 1: Trained game that resulted in its share price falling eighteen 41 00:02:04,280 --> 00:02:07,200 Speaker 1: percent today, while Aristocrat ended up more than two percent. 42 00:02:07,640 --> 00:02:10,800 Speaker 1: Stroing number three online luxury retailer Setire's share price jumped 43 00:02:10,840 --> 00:02:15,000 Speaker 1: more than seventy percent today after the group's financial accounts 44 00:02:15,040 --> 00:02:17,639 Speaker 1: for the last financial year received audited a sign off. 45 00:02:17,880 --> 00:02:22,639 Speaker 1: Grant Thornton provided an unqualified audit opinion after taking more 46 00:02:22,639 --> 00:02:26,040 Speaker 1: than three weeks to more thoroughly assess how Satire books revenue. 47 00:02:26,120 --> 00:02:29,760 Speaker 1: It followed media reports about how revenue including duties were collected. 48 00:02:29,960 --> 00:02:32,440 Speaker 1: The audit report said the firm assessed the design and 49 00:02:32,440 --> 00:02:37,720 Speaker 1: implementation of relevant controls relating to how Satire recognizes revenue, 50 00:02:37,800 --> 00:02:41,600 Speaker 1: and also challenged management and an external expert on the practice. 51 00:02:41,639 --> 00:02:44,240 Speaker 1: Satire's share price has been volatile. In March last year, 52 00:02:44,480 --> 00:02:47,080 Speaker 1: was training not far off five dollars. It fell to 53 00:02:47,120 --> 00:02:48,880 Speaker 1: a dollar and five at the end of last month. 54 00:02:48,960 --> 00:02:52,400 Speaker 1: It's more than double since then thanks to today's surge. 55 00:02:52,639 --> 00:02:55,120 Speaker 1: Stro Enomerfore David Foster has resigned from the Bendigo and 56 00:02:55,120 --> 00:02:57,720 Speaker 1: Adelaide Bank board months after stepping down a chair of 57 00:02:57,800 --> 00:03:01,359 Speaker 1: Star Entertainment. Mister Foster has been under pressure and was 58 00:03:01,400 --> 00:03:04,160 Speaker 1: on leave of absence from the Bendigo board over text 59 00:03:04,280 --> 00:03:07,600 Speaker 1: he's sent while at Star to the then chief executive, 60 00:03:07,680 --> 00:03:10,720 Speaker 1: Robbie Cook, calling for the scrapping of the casino regulator 61 00:03:10,760 --> 00:03:13,680 Speaker 1: and the removal of the manager controlling as Sydney Casino license. 62 00:03:14,400 --> 00:03:16,239 Speaker 1: At the time, he was chair of Star, and later 63 00:03:16,280 --> 00:03:20,840 Speaker 1: he conceded he was trigger happy with the text messages. Ultimately, 64 00:03:20,880 --> 00:03:23,480 Speaker 1: mister Foster said Star was unfit to regain his full 65 00:03:23,680 --> 00:03:26,880 Speaker 1: unsupervised license and step down. He's been on the Bendiga 66 00:03:27,000 --> 00:03:30,320 Speaker 1: board since September twenty nineteen and story number five. The 67 00:03:30,320 --> 00:03:33,000 Speaker 1: Central Bank of China today announced a raft of stimulus 68 00:03:33,000 --> 00:03:36,320 Speaker 1: measures to support economic growth. There were changes to reserve 69 00:03:36,400 --> 00:03:40,040 Speaker 1: requirements for banks and cuts to existing home loan interest rates. 70 00:03:40,240 --> 00:03:42,800 Speaker 1: The People Bank of China will also provide funding to 71 00:03:42,840 --> 00:03:46,280 Speaker 1: buy stocks. It comes after a briefing between Chinese regulators 72 00:03:46,320 --> 00:03:49,120 Speaker 1: and following data that shows home prices in China have 73 00:03:49,240 --> 00:03:52,360 Speaker 1: fallen by the most in ten years. Beijing is targeting 74 00:03:52,360 --> 00:03:55,280 Speaker 1: a five percent growth rate, though thus far in twenty 75 00:03:55,320 --> 00:03:59,400 Speaker 1: twenty four the expansion is lagging somewhat. Today's announcement wasn't 76 00:03:59,440 --> 00:04:02,040 Speaker 1: a big ind but it certainly was a good start. 77 00:04:02,160 --> 00:04:04,680 Speaker 1: The news of the intervention set on all prices higher. 78 00:04:04,880 --> 00:04:07,280 Speaker 1: Oil prices are creeping higher, helped by the news out 79 00:04:07,320 --> 00:04:09,839 Speaker 1: of China. They given what's going on in the Middle East, 80 00:04:09,840 --> 00:04:12,640 Speaker 1: it's probably surprising they're not rising by more. That's it 81 00:04:12,720 --> 00:04:15,320 Speaker 1: for the afternoon report for Tuesday, the twenty fourth September 82 00:04:15,360 --> 00:04:18,080 Speaker 1: twenty twenty four. Michael Thompson and I will back tomorrow morning. 83 00:04:18,240 --> 00:04:20,719 Speaker 1: It's the Wednesday edition of Fear and Greed Business News. 84 00:04:20,839 --> 00:04:22,760 Speaker 1: I'm Sean Elma. Enjoy your evening.